Global Titanium Dioxide Market: Snapshot
The recovery of the construction industry in developed countries after the economic downturn in the last decade is providing a significant push to the titanium dioxide manufacturers. Besides this, the booming growth of the construction sector in developing regions is stoking the growth of the global titanium dioxide market. The swelling demand for lightweight vehicles, owing to the rising concerns regarding harmful gas emissions and shift towards environment-friendly alternatives, is also working in favor of the market.
According to a report by Transparency Market Research (TMR), the global titanium dioxide market is expected to reach a valuation of US$ 16.79 bn by the end of 2023, progressing at a 3.7% CAGR from 2015 to 2023.
TMR analysts estimate that the upward growth of the market is impeded by stringent environmental regulations. Harmful solid and acid wastes generated during the production of titanium dioxide are compelling governments worldwide to form strict regulations. The impact of this factor is especially high in developed countries. However, in China, producers are adopting several alternative production techniques to curb the adverse effects caused by titanium dioxide. The advent of such techniques is likely to create numerous growth opportunities for the market.
Paints and Coatings to Remain Most Prominent Application Segment through 2023
On the basis of application, the report segments the market into paints and coatings, paper, plastic, and others, which includes inks and artificial fibers. The paints and coatings segment will continue to account for the lion’s share in the global arena until 2023. About 50% of the titanium dioxide produced across the globe is used in the manufacturing of paints and coatings. The increasing construction activities worldwide are supplementing the growth of the segment.
The plastics segment is anticipated to expand at a phenomenal CAGR during the forecast period. Titanium dioxide is used to enhance several characteristics of plastics such as color, opacity, and strength. The burgeoning global demand for high strength plastics is likely to provide a significant push to the growth of the segment. The paper segment is anticipated to post a moderate CAGR during the forecast period. Titanium dioxide is used for the production of high strength papers. The growth of the segment is propelled by the booming packaging industry.
Asia Pacific to Remain Dominant through 2023, with China at Forefront
From the geographical standpoint, the report studies the market in Asia Pacific, Europe, the Middle East and Africa, North America, and Latin America. Asia Pacific will continue to be the leading revenue contributor until 2023. China is expected to remain at the forefront of growth throughout the forecast horizon. The high demand for titanium dioxide in China and the majority of international players are allocating significant budgets to establish production facilities in the country, which in turn is providing a fillip to the market in APAC.
The region is closely trailed by Europe and North America. The growth of these regions can be attributed to the snowballing demand for automobiles and the recovery of the construction industry in several parts of these regions. Some of the prominent companies operating in the global titanium dioxide market are Kronos Worldwide Inc., CRISTAL, The Chemours Company, and Tronox Limited.
Titanium dioxide is a white colored, solid, inorganic material with high thermal stability and poor solubility. Major raw materials used in the production of titanium dioxide include ilmenite and rutile. Major processes used in the manufacturing of titanium dioxide include sulfate and chloride processes.
This report comprises in-depth analysis and forecast of the titanium dioxide market on a global as well as regional level. The report includes forecast for the period from 2015 to 2023 in terms of volume (kilo tons) and revenue (US$ Mn). Quantitative data has been derived through extensive secondary research of the global titanium dioxide market. Secondary sources typically include company websites, relevant magazines, government documents, and press releases. The top-down approach was adopted to derive the regional numbers from global revenue and volume figures. Furthermore, the bottom-up approach was employed to derive data for various application segments based on demand for titanium dioxide in each geographic segment. A combination of top-down and bottom-up approaches helps in validation of the quantitative data of the market. The data was further validated with the help of primary research with industry experts to ensure accuracy of derived numbers.
Detailed analysis of various factors driving the global titanium dioxide market has been included for astute decision making. Impact of these drivers during the forecast period has been included with data to substantiate research findings. Furthermore, factors restraining market growth have been included for better understanding of the market. Impact of these restraints has been analyzed over the forecast period. The report also comprises various opportunities available for market growth over the next six years. Opportunities entail untapped or recently explored factors that are anticipated to drive growth of the titanium dioxide market during the forecast period.
This report includes value chain analysis to help understand the industry thoroughly. Value chain analysis comprises detailed evaluation of the roles of various entities involved in the titanium dioxide industry, from raw material suppliers to end-users. Various processes used in the manufacture of titanium dioxide have been included in the value chain analysis. Porter’s Five Forces model has been employed to determine the degree of competition in the market during the forecast period. Company market share analysis has been included for better understanding of the competitive landscape. Company market share analysis includes the market share of dominant players in 2014, based on their production capacities. Furthermore, market attractiveness analysis has been carried out to analyze application segments that are expected to be lucrative during the forecast period. This is based on various factors such as market size, growth rate, profitability, raw material procurement, and competition in each application segment.
Based on application, the titanium dioxide market has been segmented into paints & coatings, plastic, paper, and others. Detailed analysis of all the segments in the regional and global markets, and forecast based on current and future trends in the industry in terms of volume (kilo tons) and revenue (US$ Mn) have been included in the report. In terms of region, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Demand for titanium dioxide in each of its application segment has been analyzed and forecasted for a period of eight years.
The report also covers profiles of leading companies in the titanium dioxide market. These include The Chemours Company, CRISTAL, Kronos Worldwide Inc., and Tronox Limited. Various attributes of these companies such as company overview, business strategies, and recent developments form the core of the company profiles section.
This report segments the global titanium dioxide market as follows:
- Titanium Dioxide Market - Application Analysis
- Paints & coatings
- Others (Including artificial fibers, inks, etc.)
- Titanium Dioxide Market - Regional Analysis
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA
- North America